Posts

Posted on

Waverley Capital Acquisition Corp. 1 Announces Closing of $200 Million Initial Public Offering

Waverley Capital Acquisition Corp. 1 Announces Closing of $200 Million Initial Public Offering

NEW YORK–(BUSINESS WIRE)–Waverley Capital Acquisition Corp. 1 (the “Company”), a special purpose acquisition company, announced today the closing of its initial public offering of 20,000,000 units at a price of $10.00 per unit.

The units were listed on the New York Stock Exchange and began trading under the ticker symbol “WAVCU” on August 20, 2021. Each unit consists of one Class A ordinary share of the Company and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the New York Stock Exchange under the symbols “WAVC” and “WAVCW,” respectively.

The Company is sponsored by WCAC1 Sponsor LLC, an affiliate of Waverley Capital, L.P., and is led by Daniel V. Leff, Ph.D. as the Chief Executive Officer and Edgar Bronfman, Jr. as chairman of the board of directors. The Company is a newly organized blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or business combination with one or more businesses.

Evercore ISI and Morgan Stanley acted as joint book-running managers for this offering. The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from:

  • Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at [email protected]; and
  • Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York, 10014.

The registration statement relating to the securities became effective on August 19, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering, the search for an initial business combination and the anticipated use of the net proceeds. No assurance can be given that the initial public offering or the search for an initial business combination will be completed on the terms described, or at all, or that the net proceeds of the initial public offering will be used as indicated. Forward- looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and final prospectus relating to the Company’s initial public offering filed with the Securities and Exchange Commission (the “SEC”). Copies are available on the SEC’s website at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by applicable law.

Waverley Capital Acquisition Corp. 1

Alan Henricks, CFO

[email protected]

www.waverleycorp1.com/investor-relations

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo
Logo
Posted on

Intuit Reports Strong Full Year Results and Sets Fiscal 2022 Guidance

Intuit Reports Strong Full Year Results and Sets Fiscal 2022 Guidance

Performance led by strength across the platform, including Credit Karma, Small Business and Self-Employed Group and Consumer Group

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
Intuit Inc. (Nasdaq: INTU) announced financial results for the fourth quarter and full fiscal year 2021, which ended July 31.

“We had a very strong fourth quarter capping off an outstanding fiscal 2021,” said Sasan Goodarzi, Intuit’s chief executive officer. “Our momentum continues across the company with accelerated innovation focused on our customers’ most important needs while creating durable growth opportunities for Intuit in the future.”

Financial Highlights

For the fourth quarter, Intuit reported:

  • Total revenue of $2.6 billion, up 41 percent from $1.8 billion in the prior year, including the addition of Credit Karma.
  • Small Business and Self-Employed Group revenue grew by 19 percent to $1.3 billion and Online Ecosystem revenue grew by 30 percent.
  • Consumer Group revenue of $852 million, compared to $710 million in the prior year.
  • Credit Karma revenue of $405 million, a quarterly record for the business.

For the full year, including the addition of Credit Karma beginning December 3, Intuit reported:

  • Total revenue to $9.6 billion, up 25 percent year-over-year, including 11 points from the addition of Credit Karma this year.
  • Combined Platform Revenue, which includes QuickBooks Online, TurboTax Online and Credit Karma, grew 39 percent to $6.6 billion. This includes 18 points from the addition of Credit Karma this year.
  • Small Business and Self-Employed Group revenue grew 16 percent and Online Ecosystem revenue grew 26 percent.
  • Consumer Group revenue grew 14 percent to $3.6 billion.
  • Credit Karma revenue of $865 million.
  • GAAP operating income of $2.5 billion, up 15 percent.
  • Non-GAAP operating income of $3.5 billion, up 31 percent.
  • GAAP and non-GAAP earnings per share grew by 9 percent and 24 percent, respectively.

Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.

Snapshot of Fourth-quarter Fiscal Year 2021 Results

GAAP

Non-GAAP

 

Q4

FY21

Q4

FY20

Change

Q4

FY21

Q4

FY20

Change

Revenue

$2,561

$1,816

41%

$2,561

$1,816

41%

Operating Income

$402

$483

(17)%

$715

$616

16%

Earnings Per Share

$1.37

$1.68

(18)%

$1.97

$1.81

9%

Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP). GAAP operating income and earnings per share year-over-year results reflect higher stock compensation expense associated with the Credit Karma acquisition.

Snapshot of Fiscal Year 2021 Full-year Results

GAAP

Non-GAAP

 

FY21

FY20

Change

FY21

FY20

Change

Revenue

$9,633

$7,679

25%

$9,633

$7,679

25%

Operating Income

$2,500

$2,176

15%

$3,485

$2,668

31%

Earnings Per Share

$7.56

$6.92

9%

$9.74

$7.86

24%

Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).

Business Segment Results

Small Business and Self-Employed Group

  • For the fourth fiscal quarter and full fiscal year:

    • QuickBooks Online accounting revenue grew 28 percent for the quarter and 25 percent for the year. Growth was driven primarily by customer growth, mix shift, and higher effective prices.
    • Online services revenue grew 35 percent for the quarter and 27 percent for the year. Growth was driven by QuickBooks Online payments and QuickBooks Online payroll.
    • The Paycheck Protection Program (PPP) generated non-recurring revenue of $4 million and $20 million in fourth quarter and fiscal 2021, respectively, and $30 million in each of the fourth quarter and fiscal 2020. The table below adjusts growth for non-recurring revenue related to the PPP.

YoY Growth %

Q4 FY21

FY21

Online Services Revenue

35%

27%

Online Services Revenue (Excluding PPP Revenue)

43%

28%

Online Ecosystem Revenue

30%

26%

Online Ecosystem Revenue (Excluding PPP Revenue)

33%

26%

Small Business and Self-Employed Group Revenue

19%

16%

Small Business and Self-Employed Group Revenue (Excluding PPP Revenue)

22%

16%

Consumer and Strategic Partner Groups

  • TurboTax Online units grew 5 percent and total TurboTax units increased 6 percent.
  • TurboTax share of total returns expanded approximately 1 point, excluding approximately 8 million stimulus-only filings last season.
  • Customers paying nothing grew more than 6 percent to over 17 million filers. Intuit’s commitment to provide robust free tax preparation offerings has resulted in nearly 100 million TurboTax customers who paid nothing for their TurboTax experience over the last 8 years.
  • Professional tax revenue in the Strategic Partner Group grew by 5 percent for the year.

TurboTax Federal Unit Data

Units in millions

Season through

July 31, 2021

Season through July 31, 2020

Change

Year-Over-Year

Desktop Units

4.8

4.9

(2)%

Online Units

37.7

35.8

5%

Sub-total U.S. TurboTax Units

42.5

40.7

4%

Free File Alliance

3.0

2.0

46%

Total U.S. TurboTax Units

45.5

42.7

6%

Canada TurboTax Units

3.6

3.4

8%

Unit data is for the period November 1, 2020 to July 31, 2021 for the season through July 31, 2021 and for November 1, 2019 to July 31, 2020 for the season through July 31, 2020.

Credit Karma

  • Both the core verticals – including credit cards and personal loans, and growth verticals – including home and auto loans and insurance, saw record high revenue in the quarter. Sequential growth from third quarter to fourth quarter predominantly reflects strength in credit cards and personal loans, as transactions per member increased.

Capital Allocation Summary

In the fourth quarter, the company had:

  • Reported a total cash and investments balance of approximately $3.9 billion as of July 31.
  • Repurchased $1.0 billion of stock during fiscal year 2021. The Board approved a new $2 billion repurchase authorization, giving the company a total authorization of $3.3 billion to repurchase shares.
  • Received Board approval for a quarterly dividend of $0.68 per share, payable October 18, 2021. This represents a 15 percent increase versus last year.

Forward-looking Guidance

Intuit announced guidance for the first quarter of fiscal year 2022, which ends Oct. 31. The company expects:

  • Revenue growth of approximately 36 to 38 percent, including Credit Karma.
  • GAAP earnings per share of $0.14 to $0.19.
  • Non-GAAP diluted earnings per share of $0.94 to $0.99.

Intuit also announced guidance for the full fiscal year 2022. The company expects:

  • Revenue of $11.050 billion to $11.200 billion, growth of approximately 15 to 16 percent, including a full year of Credit Karma.
  • GAAP operating income of $2.605 billion to $2.680 billion, growth of approximately 4 to 7 percent.
  • Non-GAAP operating income of $4.050 billion to $4.125 billion, growth of approximately 16 to 18 percent.
  • GAAP diluted earnings per share of $7.46 to $7.66, a decline of approximately 1 percent to growth of 1 percent.
  • Non-GAAP diluted earnings per share of $11.05 to $11.25, growth of approximately 13 to 16 percent.

The company expects the following segment revenue results for fiscal year 2022:

  • Small Business and Self-Employed Group: growth of 12 to 14 percent.
  • Consumer Group: growth of 10 to 11 percent.
  • ProConnect Group: growth of 1 to 2 percent.
  • Credit Karma: revenue of $1.345 billion to $1.380 billion.

Conference Call Details

Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on Aug. 24. The conference call can be heard live at http://investors.intuit.com/Events/default.aspx. Prepared remarks for the call will be available on Intuit’s website after the call ends.

Replay Information

A replay of the conference call will be available for one week by calling 855-859-2056, or 404-537-3406 from international locations. The access code for this call is 5412568.

The audio webcast will remain available on Intuit’s website for one week after the conference call.

Investor Day 2021

Intuit will host its virtual annual Investor Day on Sept. 30 at 8:00 a.m. Pacific time. The half-day event will include presentations from Sasan Goodarzi, chief executive officer, Michelle Clatterbuck, chief financial officer, and other leaders. If you would like to attend, please register at https://investorday2021.intuit.com/investorday/registration.

About Intuit

Intuit is a global technology platform that helps our customers and communities overcome their most important financial challenges. Serving approximately 100 million customers worldwide with TurboTax, QuickBooks, Mint and Credit Karma, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled “About Non-GAAP Financial Measures” as well as the related Table B1, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit’s website.

Cautions About Forward-looking Statements

This press release contain forward-looking statements, including Intuit’s prospects for the business in fiscal 2022 and beyond; expectations regarding Intuit’s growth outside the US; expectations regarding timing and growth of revenue for each of Intuit’s reporting segments and from current or future products and services; expectations regarding customer growth; expectations regarding Intuit’s corporate tax rate; expectations regarding changes to our products and their impact on Intuit’s business; expectations regarding the amount and timing of any future dividends or share repurchases; expectations regarding availability of our offerings; expectations regarding the impact of our strategic decisions on Intuit’s business; and all of the statements under the heading “Forward-looking Guidance.”

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties may be amplified by the COVID-19 pandemic, which has caused significant global economic instability and uncertainty. These factors include, without limitation, the following: our ability to compete successfully; our participation in the Free File Alliance; potential governmental encroachment in our tax businesses; our ability to adapt to technological change; our ability to predict consumer behavior; our reliance on third-party intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with acquisition and divestiture activity, including the acquisition and integration of Credit Karma; the issuance of equity or incurrence of debt to fund an acquisition; our cybersecurity incidents (including those affecting the third parties we rely on); customer concerns about privacy and cybersecurity incidents; fraudulent activities by third parties using our offerings; our failure to process transactions effectively; interruption or failure of our information technology; our ability to maintain critical third-party business relationships; our ability to attract and retain talent; any deficiency in the quality or accuracy of our products (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; changes to public policy, laws or regulations affecting our businesses; litigation in which we are involved; the seasonal nature of our tax business; changes in tax rates and tax reform legislation; global economic changes; exposure to credit, counterparty and other risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2020 and in our other SEC filings. You can locate these reports through our website at http://investors.intuit.com. Fiscal 2022 full-year and Q1 guidance speaks only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. We do not undertake any duty to update any forward-looking statement or other information in this presentation.

TABLE A

INTUIT INC.

GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

Twelve Months Ended

 

July 31,

2021

 

July 31,

2020

 

July 31,

2021

 

July 31,

2020

 

 

 

 

 

 

 

 

Net revenue:

 

 

 

 

 

 

 

Product

$

303

 

 

$

294

 

 

$

1,698

 

 

$

1,635

 

Service and other

2,258

 

 

1,522

 

 

7,935

 

 

6,044

 

Total net revenue

2,561

 

 

1,816

 

 

9,633

 

 

7,679

 

Costs and expenses:

 

 

 

 

 

 

 

Cost of revenue:

 

 

 

 

 

 

 

Cost of product revenue

16

 

 

15

 

 

69

 

 

72

 

Cost of service and other revenue

434

 

 

302

 

 

1,564

 

 

1,284

 

Amortization of acquired technology

15

 

 

5

 

 

50

 

 

22

 

Selling and marketing

845

 

 

424

 

 

2,644

 

 

2,048

 

Research and development

521

 

 

393

 

 

1,678

 

 

1,392

 

General and administrative

274

 

 

193

 

 

982

 

 

679

 

Amortization of other acquired intangible assets

54

 

 

1

 

 

146

 

 

6

 

Total costs and expenses [A]

2,159

 

 

1,333

 

 

7,133

 

 

5,503

 

Operating income

402

 

 

483

 

 

2,500

 

 

2,176

 

Interest expense

(7

)

 

(7

)

 

(29

)

 

(14

)

Interest and other income, net

8

 

 

10

 

 

85

 

 

36

 

Income before income taxes

403

 

 

486

 

 

2,556

 

 

2,198

 

Income tax provision [B]

23

 

 

41

 

 

494

 

 

372

 

Net income

$

380

 

 

$

445

 

 

$

2,062

 

 

$

1,826

 

 

 

 

 

 

 

 

 

Basic net income per share

$

1.39

 

 

$

1.70

 

 

$

7.65

 

 

$

6.99

 

Shares used in basic per share calculations

273

 

 

262

 

 

270

 

 

261

 

 

 

 

 

 

 

 

 

Diluted net income per share

$

1.37

 

 

$

1.68

 

 

$

7.56

 

 

$

6.92

 

Shares used in diluted per share calculations

277

 

 

264

 

 

273

 

 

264

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

$

0.59

 

 

$

0.53

 

 

$

2.36

 

 

$

2.12

 

See accompanying Notes.

 

INTUIT INC.

NOTES TO TABLE A

 

[A]

The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown.

 

Three Months Ended

 

Twelve Months Ended

(in millions)

July 31, 2021

 

July 31, 2020

 

July 31, 2021

 

July 31, 2020

Cost of revenue

$

22

 

$

16

 

$

69

 

$

60

Selling and marketing

56

 

30

 

183

 

116

Research and development

94

 

40

 

281

 

151

General and administrative

72

 

28

 

220

 

108

Total share-based compensation expense

$

244

 

$

114

 

$

753

 

$

435

[B]

We recognized excess tax benefits on share-based compensation of $126 million in our provision for income taxes for the twelve months ended July 31, 2021 and $90 million for the twelve months ended July 31, 2020.

 

Our effective tax rate for the twelve months ended July 31, 2021 was approximately 19%. Excluding tax benefits related to share-based compensation, our effective tax rate was 24%. This differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the benefit we received from the federal research and experimentation credit.

 

Our effective tax rate for the twelve months ended July 31, 2020 was approximately 17%. Excluding tax benefits related to share-based compensation, our effective tax rate was 21% and did not differ significantly from the federal statutory rate.

 

In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment.

TABLE B1

INTUIT INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(In millions, except per share amounts)

(Unaudited)

 

 

Fiscal 2021

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

GAAP operating income (loss)

$

209

 

 

$

(25

)

 

$

1,914

 

 

$

402

 

 

$

2,500

 

Amortization of acquired technology

7

 

 

14

 

 

14

 

 

15

 

 

50

 

Amortization of other acquired intangible assets

2

 

 

36

 

 

54

 

 

54

 

 

146

 

Professional fees for business combinations

5

 

 

30

 

 

1

 

 

—

 

 

36

 

Share-based compensation expense

111

 

 

180

 

 

218

 

 

244

 

 

753

 

Non-GAAP operating income (loss)

$

334

 

 

$

235

 

 

$

2,201

 

 

$

715

 

 

$

3,485

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

$

198

 

 

$

20

 

 

$

1,464

 

 

$

380

 

 

$

2,062

 

Amortization of acquired technology

7

 

 

14

 

 

14

 

 

15

 

 

50

 

Amortization of other acquired intangible assets

2

 

 

36

 

 

54

 

 

54

 

 

146

 

Professional fees for business combinations

5

 

 

30

 

 

1

 

 

—

 

 

36

 

Share-based compensation expense

111

 

 

180

 

 

218

 

 

244

 

 

753

 

Net (gain) loss on debt securities and other investments

(7

)

 

(8

)

 

—

 

 

—

 

 

(15

)

Other income from divested businesses [A]

—

 

 

(30

)

 

—

 

 

—

 

 

(30

)

Income tax effects and adjustments [B]

(66

)

 

(57

)

 

(73

)

 

(149

)

 

(345

)

Non-GAAP net income (loss)

$

250

 

 

$

185

 

 

$

1,678

 

 

$

544

 

 

$

2,657

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income (loss) per share

$

0.75

 

 

$

0.07

 

 

$

5.30

 

 

$

1.37

 

 

$

7.56

 

Amortization of acquired technology

0.03

 

 

0.05

 

 

0.05

 

 

0.06

 

 

0.18

 

Amortization of other acquired intangible assets

—

 

 

0.14

 

 

0.19

 

 

0.20

 

 

0.53

 

Professional fees for business combinations

0.02

 

 

0.11

 

 

—

 

 

—

 

 

0.13

 

Share-based compensation expense

0.42

 

 

0.66

 

 

0.79

 

 

0.88

 

 

2.76

 

Net (gain) loss on debt securities and other investments

(0.03

)

 

(0.03

)

 

—

 

 

—

 

 

(0.05

)

Other income from divested businesses [A]

—

 

 

(0.11

)

 

—

 

 

—

 

 

(0.11

)

Income tax effects and adjustments [B]

(0.25

)

 

(0.21

)

 

(0.26

)

 

(0.54

)

 

(1.26

)

Non-GAAP diluted net income (loss) per share

$

0.94

 

 

$

0.68

 

 

$

6.07

 

 

$

1.97

 

 

$

9.74

 

 

 

 

 

 

 

 

 

 

 

Shares used in GAAP diluted per share calculation

265

 

 

273

 

 

276

 

 

277

 

 

273

 

 

 

 

 

 

 

 

 

 

 

Shares used in non-GAAP diluted per share calculation

265

 

 

273

 

 

276

 

 

277

 

 

273

 

[A]

During the three months ended January 31, 2021, we recorded a $30 million gain from the sale of a note receivable that was previously written off.

 

[B]

As discussed in “About Non-GAAP Financial Measures – Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and the excess tax benefits on share-based compensation.

 

See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

TABLE B2

INTUIT INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(In millions, except per share amounts)

(Unaudited)

 

 

Fiscal 2020

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

GAAP operating income (loss)

$

10

 

 

$

270

 

 

$

1,413

 

 

$

483

 

 

$

2,176

 

Amortization of acquired technology

6

 

 

6

 

 

5

 

 

5

 

 

22

 

Amortization of other acquired intangible assets

2

 

 

1

 

 

2

 

 

1

 

 

6

 

Professional fees for business combinations

—

 

 

—

 

 

16

 

 

13

 

 

29

 

Share-based compensation expense

111

 

 

107

 

 

103

 

 

114

 

 

435

 

Non-GAAP operating income (loss)

$

129

 

 

$

384

 

 

$

1,539

 

 

$

616

 

 

$

2,668

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

$

57

 

 

$

240

 

 

$

1,084

 

 

$

445

 

 

$

1,826

 

Amortization of acquired technology

6

 

 

6

 

 

5

 

 

5

 

 

22

 

Amortization of other acquired intangible assets

2

 

 

1

 

 

2

 

 

1

 

 

6

 

Professional fees for business combinations

—

 

 

—

 

 

16

 

 

13

 

 

29

 

Share-based compensation expense

111

 

 

107

 

 

103

 

 

114

 

 

435

 

Net (gain) loss on debt securities and other investments

1

 

 

1

 

 

2

 

 

1

 

 

5

 

Income tax effects and adjustments [A]

(68

)

 

(49

)

 

(29

)

 

(102

)

 

(248

)

Non-GAAP net income (loss)

$

109

 

 

$

306

 

 

$

1,183

 

 

$

477

 

 

$

2,075

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income (loss) per share

$

0.22

 

 

$

0.91

 

 

$

4.11

 

 

$

1.68

 

 

$

6.92

 

Amortization of acquired technology

0.02

 

 

0.02

 

 

0.02

 

 

0.02

 

 

0.08

 

Amortization of other acquired intangible assets

0.01

 

 

—

 

 

0.01

 

 

—

 

 

0.02

 

Professional fees for business combinations

—

 

 

—

 

 

0.06

 

 

0.05

 

 

0.11

 

Share-based compensation expense

0.42

 

 

0.41

 

 

0.39

 

 

0.44

 

 

1.65

 

Net (gain) loss on debt securities and other investments

—

 

 

—

 

 

0.01

 

 

—

 

 

0.02

 

Income tax effects and adjustments [A]

(0.26

)

 

(0.18

)

 

(0.11

)

 

(0.38

)

 

(0.94

)

Non-GAAP diluted net income (loss) per share

$

0.41

 

 

$

1.16

 

 

$

4.49

 

 

$

1.81

 

 

$

7.86

 

 

 

 

 

 

 

 

 

 

 

Shares used in GAAP diluted per share calculation

264

 

 

264

 

 

264

 

 

264

 

 

264

 

 

 

 

 

 

 

 

 

 

 

Shares used in non-GAAP diluted per share calculation

264

 

 

264

 

 

264

 

 

264

 

 

264

 

[A]

As discussed in “About Non-GAAP Financial Measures – Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and the excess tax benefits on share-based compensation.

 

See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

TABLE C

INTUIT INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

 

 

July 31, 2021

 

July 31, 2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

2,562

 

$

6,442

Investments

1,308

 

608

Accounts receivable, net

391

 

149

Income taxes receivable

123

 

12

Prepaid expenses and other current assets

316

 

314

Current assets before funds held for customers

4,700

 

7,525

Funds held for customers

457

 

455

Total current assets

5,157

 

7,980

 

 

 

 

Long-term investments

43

 

19

Property and equipment, net

780

 

734

Operating lease right-of-use assets

380

 

226

Goodwill

5,613

 

1,654

Acquired intangible assets, net

3,252

 

28

Long-term deferred income taxes

8

 

65

Other assets

283

 

225

Total assets

$

15,516

 

$

10,931

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Short-term debt

$

—

 

$

1,338

Accounts payable

623

 

305

Accrued compensation and related liabilities

530

 

482

Deferred revenue

684

 

652

Other current liabilities

361

 

297

Current liabilities before customer fund deposits

2,198

 

3,074

Customer fund deposits

457

 

455

Total current liabilities

2,655

 

3,529

 

 

 

 

Long-term debt

2,034

 

2,031

Long-term deferred income tax liabilities

525

 

2

Operating lease liabilities

380

 

221

Other long-term obligations

53

 

42

Total liabilities

5,647

 

5,825

 

 

 

 

Stockholders’ equity

9,869

 

5,106

Total liabilities and stockholders’ equity

$

15,516

 

$

10,931

TABLE D

INTUIT INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 

 

Twelve Months Ended

 

July 31, 2021

 

July 31, 2020

Cash flows from operating activities:

 

 

 

Net income

$

2,062

 

 

$

1,826

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation

166

 

 

189

 

Amortization of acquired intangible assets

197

 

 

29

 

Non-cash operating lease cost

62

 

 

60

 

Share-based compensation expense

753

 

 

435

 

Deferred income taxes

(42

)

 

(179

)

Other

(39

)

 

6

 

Total adjustments

1,097

 

 

540

 

Originations of loans held for sale

(41

)

 

(566

)

Sale and principal payments of loans held for sale

143

 

 

482

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

(104

)

 

(59

)

Income taxes receivable

(51

)

 

53

 

Prepaid expenses and other assets

30

 

 

(31

)

Accounts payable

206

 

 

33

 

Accrued compensation and related liabilities

(70

)

 

100

 

Deferred revenue

22

 

 

38

 

Operating lease liabilities

(66

)

 

(61

)

Other liabilities

22

 

 

59

 

Total changes in operating assets and liabilities

(11

)

 

132

 

Net cash provided by operating activities

3,250

 

 

2,414

 

Cash flows from investing activities:

 

 

 

Purchases of corporate and customer fund investments

(1,489

)

 

(701

)

Sales of corporate and customer fund investments

229

 

 

130

 

Maturities of corporate and customer fund investments

550

 

 

596

 

Purchases of property and equipment

(125

)

 

(137

)

Acquisitions of businesses, net of cash acquired

(3,064

)

 

—

 

Originations of term loans to small businesses

(232

)

 

(243

)

Principal repayments of term loans from small businesses

136

 

 

287

 

Other

30

 

 

(29

)

Net cash used in investing activities

(3,965

)

 

(97

)

Cash flows from financing activities:

 

 

 

Proceeds from issuance of long-term debt, net of discount and issuance costs

—

 

 

1,983

 

Proceeds from borrowings under unsecured revolving credit facility

—

 

 

1,000

 

Repayments on borrowings under unsecured revolving credit facility

(1,000

)

 

—

 

Repayment of debt

(338

)

 

(50

)

Proceeds from issuance of stock under employee stock plans

196

 

 

211

 

Payments for employee taxes withheld upon vesting of restricted stock units

(383

)

 

(244

)

Cash paid for purchases of treasury stock

(1,005

)

 

(323

)

Dividends and dividend rights paid

(646

)

 

(561

)

Net change in customer fund deposits

2

 

 

19

 

Other

(2

)

 

(1

)

Net cash provided by (used in) financing activities

(3,176

)

 

2,034

 

Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents

13

 

 

(6

)

Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents

(3,878

)

 

4,345

 

Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period

6,697

 

 

2,352

 

Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period

$

2,819

 

 

$

6,697

 

Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the consolidated balance sheets to the total amounts reported on the consolidated statements of cash flows

 

 

 

Cash and cash equivalents

$

2,562

 

 

$

6,442

 

Restricted cash and restricted cash equivalents included in funds held for customers

257

 

 

255

 

Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period

$

2,819

 

 

$

6,697

 

Supplemental disclosure of cash flow information:
Interest paid

$

30

 

$

14

 

Income taxes paid

$

578

 

$

493

 

 
Supplemental schedule of non-cash investing activities:
Issuance of common stock in a business combination

$

3,798

 

$

—

 

TABLE E

INTUIT INC.

RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS

(In millions, except per share amounts)

(Unaudited)

 

 

Forward-Looking Guidance

 

GAAP

Range of Estimate

 

 

 

Non-GAAP

Range of Estimate

 

From

 

To

 

Adjmts

 

From

 

To

Three Months Ending October 31, 2021

 

 

 

 

 

 

 

 

 

Revenue

$

1,795

 

 

$

1,825

 

 

$

—

 

 

$

1,795

 

 

$

1,825

 

Operating income

$

—

 

 

$

15

 

 

$

353

 

[a]

$

353

 

 

$

368

 

Diluted earnings per share

$

0.14

 

 

$

0.19

 

 

$

0.80

 

[b]

$

0.94

 

 

$

0.99

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ending July 31, 2022

 

 

 

 

 

 

 

 

 

Revenue

$

11,050

 

 

$

11,200

 

 

$

—

 

 

$

11,050

 

 

$

11,200

 

Operating income

$

2,605

 

 

$

2,680

 

 

$

1,445

 

[c]

$

4,050

 

 

$

4,125

 

Diluted earnings per share

$

7.46

 

 

$

7.66

 

 

$

3.59

 

[d]

$

11.05

 

 

$

11.25

 

See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

[a]

Reflects estimated adjustments for share-based compensation expense of approximately $284 million; amortization of acquired technology of approximately $15 million; and amortization of other acquired intangible assets of approximately $54 million.

 

[b]

Reflects estimated adjustments in item [a], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate. We expect a non-GAAP tax rate of 24% in fiscal 2022.

 

[c]

Reflects estimated adjustments for share-based compensation expense of approximately $1,172 million; amortization of acquired technology of approximately $59 million; and amortization of other acquired intangibles of approximately $214 million.

 

[d]

Reflects estimated adjustments in item [c], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate. We expect a non-GAAP tax rate of 24% in fiscal 2022.

 

Contacts:

Investors

Kim Watkins

Intuit Inc.

650-944-3324

[email protected]

Media

Kali Fry

Intuit Inc.

650-944-3036

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Professional Services Data Management Technology Software Internet Accounting

MEDIA:

Logo
Logo
Posted on

LMP Announces a Definitive Acquisition Agreement for a Chrysler Dodge Jeep Ram Dealership in Tennessee, Generating Approximately $42 Million in Annualized Revenue and $1.4 Million in Adjusted EBITDA

FORT LAUDERDALE, FL , Aug. 24, 2021 (GLOBE NEWSWIRE) — LMP Automotive Holdings, Inc. (NASDAQ: LMPX), an e-commerce and facilities-based automotive retailer in the United States, today announced its entry into a definitive acquisition agreement for a Chrysler Dodge Jeep Ram dealership in Tennessee, generating approximately $42 million in annualized revenue and $1.4 million in adjusted EBITDA.

  • Expected to close in the fourth quarter of this year.
  • Purchase price of approximately $4.5 million for goodwill expected to be funded through a combination of cash on LMP’s balance sheet, up to $2.5 million in common stock and debt financing.
  • Expected to add approximately $1.4 million in adjusted EBITDA or $0.12 per share in 2022.

Richard Aldahan, LMP’s Chief Operating Officer, stated, “This acquisition will further expand our management team and Southeast footprint. We intend to continue expanding aggressively in this region as we are seeing a record amount of interest in our dealer partner model.”

Sam Tawfik, LMP’s Chief Executive Officer, stated, “This acquisition, combined with our previously announced acquisitions, would bring LMP’s total franchise and dealership count to 30 and 23, respectively, with consolidated annualized revenue, adjusted EBITDA and adjusted EBITDA per share run rate expected to be approximately $1.3 billion, $86 million, and $7.94, respectively.”

ABOUT LMP AUTOMOTIVE HOLDINGS, INC.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) is a growth company with a long-term plan to profitably consolidate and partner with automotive dealership groups in the United States. We offer a wide array of products and services fulfilling the entire vehicle ownership lifecycle, including new and used vehicles, finance and insurance products and automotive repair and maintenance.

Our proprietary e-commerce technology and strategy are designed to disrupt the industry by leveraging our experienced teams, growing selection of owned inventories and physical logistics network. We seek to provide customers with a seamless experience both online and in person. Our physical logistics network enables us to provide convenient free delivery points for customers and provide services throughout the entire ownership life cycle. We use digital technologies to lower our customer acquisition costs, achieve operational efficiencies, and generate additional revenues. Our unique growth model generates significant cash flows, which funds our innovation and expansion into new geographical markets, along with strategically building out dealership networks, creating personal transportation solutions that consumers desire.

For more information visit: https://lmpmotors.com/.

FORWARD-LOOKING STATEMENTS:
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements include, but are not limited to, any statements relating to our expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar matters that are not historical facts. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” will,” the negatives thereof and other words and terms of similar meanings. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: our dependence upon external sources for the financing of our operations; our ability to effectively executive our business plan; our ability to maintain and grow our reputation and to achieve and maintain the market acceptance of our services and platform; our ability to manage the growth of our operations over time; our ability to maintain adequate protection of our intellectual property and to avoid violation of the intellectual property rights of others; our ability to maintain relationships with existing customers and automobile suppliers, and develop relationships; and our ability to compete and succeed in a highly competitive and evolving industry; as well as other risks described in our SEC filings. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.



Investor Relations:
LMP Automotive Holdings, Inc.
500 East Broward Boulevard, Suite 1900
Fort Lauderdale, FL 33394
[email protected]

Posted on

ATSG Recognizes Scholarship Recipients and Interns

ATSG Recognizes Scholarship Recipients and Interns

Six scholarship recipients and thirty-five interns honored at luncheon

WILMINGTON, Ohio–(BUSINESS WIRE)–
Air Transport Services Group, Inc. recently hosted a recognition luncheon to honor recipients of the Hete Family Scholarship as well as future leaders who have been a part of ATSG’s Internship Program. The event was held at the Wilmington Air Park.

The Hete Family Scholarship is offered through the Clinton County Foundation to ATSG employees and their children who are working toward a technical or undergraduate degree in a STEM, medical, business, or technical/vocational field. The scholarship fund was established earlier this year by ATSG Chairman of the Board Joe Hete and his wife Carrie.

Six $5,000 awards were granted during the scholarship’s inaugural year to the following recipients: Rachel Barker, attending Southern State Community College majoring in nursing; Averi Cooper, attending the University of Tennessee majoring in chemistry; Nicholas Cunningham, attending Ohio University majoring in computer science and engineering; Jovanna Giovannetti, attending the University of South Florida majoring in mechanical engineering; Isabella Steele, attending Oklahoma State University majoring in pre-med studies; and Sarah Young, attending The Ohio State University studying biomedical engineering.

“My mother believed an education is something no one can take away from you,” said Hete. “Thus, providing a good education for the future leaders of our companies, communities, and the world is a worthwhile investment that will pay dividends long into the future.”

The deadline to apply for the Hete Family Scholarship is March 31 of each year. For more information and a link to the application site, visit https://www.atsginc.com/hete-family-scholarship.

Also recognized at the luncheon were nearly three dozen students who participated in ATSG’s Internship Program. ATSG invests in the development of its team and future leaders by providing interested students a chance to develop important operational skills required to succeed in the aviation industry.

Interns have been placed in accounting, aviation maintenance, component repair and overhaul, continuous improvement, human resources, information technology, and marketing. During their time with the company, interns plan and complete business-related projects, gain exposure to company culture, develop skills needed to excel in their career, and learn from mentors with decades of industry experience.

“The ATSG team puts a strong emphasis on the development of our workforce,” said Mike Berger, ATSG chief commercial officer. “Providing scholarship opportunities, career exposure through internships, and upward growth through leadership development demonstrates ATSG’s position as a preferred employer.”

Interested candidates can learn more about the ATSG Internship Program and apply for open opportunities online at https://www.atsginc.com/careers/internships.

About Air Transport Services Group, Inc. (ATSG)

ATSG is a leading provider of aircraft leasing and cargo and passenger air transportation and related services to domestic and foreign air carriers and other companies that outsource their cargo and passenger airlift requirements. ATSG, through its leasing and airline subsidiaries, is the world’s largest owner and operator of converted Boeing 767 freighter aircraft. Through its principal subsidiaries, including three airlines with separate and distinct U.S. FAA Part 121 Air Carrier certificates, ATSG provides aircraft leasing, air cargo lift, passenger ACMI and charter services, aircraft maintenance services and airport ground services. ATSG’s subsidiaries include ABX Air, Inc.; Airborne Global Solutions, Inc.; Airborne Maintenance and Engineering Services, Inc., including its subsidiary, Pemco World Air Services, Inc.; Air Transport International, Inc.; Cargo Aircraft Management, Inc.; and Omni Air International, LLC. For more information, please see www.atsginc.com.

Quint O. Turner, ATSG Inc. Chief Financial Officer

937-366-2303

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Education Air Transport Other Education Continuing University Training

MEDIA:

Logo
Logo
Posted on

MultiPlan Appoints Navin Nagiah, Senior Vice President, Products

MultiPlan Appoints Navin Nagiah, Senior Vice President, Products

Nagiah, seasoned business and product strategist, to bring fresh inspiration and innovation to product development team

NEW YORK–(BUSINESS WIRE)–
MultiPlan Corporation (NYSE:MPLN), a leading provider of data analytics and technology-enabled cost management, payment and revenue integrity solutions to the U.S. healthcare industry, today announced Navin Nagiah as Senior Vice President, Products. In his new role, Nagiah will be responsible for driving the company’s internal product development approach, identifying strategic, market-driven innovations, and evaluating external sources for new product and service acquisition opportunities.

“I am passionate about converting ideas and needs into products that move the value needle for the customer in a substantial way,” stated Nagiah. “MultiPlan has a proven track record of playing an outsized role in helping reduce healthcare costs for our payor customers. With its valuable data assets and large ecosystem of payor and provider relationships, the Company is uniquely positioned to design new solutions that help payors navigate the challenges presented by increasing healthcare costs, the changing regulatory landscape and the rapid digitization of the healthcare system.”

Nagiah joined MultiPlan directly from global management consulting company, McKinsey & Company, where he was a leader in the Leap practice focusing on incubating and building new businesses inside large enterprises. His concentration was primarily in the healthcare and health-tech/digital health domains. Prior to his work with McKinsey & Company, he spent more than 20 years as a global entrepreneur and executive holding a variety of leadership roles, including as CEO and president at multiple technology businesses.

“Navin’s strengths as a product strategist and his deep expertise in healthcare are an excellent fit for MultiPlan right now as we are poised for growth through innovative product development,” stated Dale White, President and Chief Operating Officer at MultiPlan. “He has a strong reputation and proven track record as an impactful and effective leader and we look forward to watching him collaborate with the rest of the team to bring the types of solutions to market that our target customers need.”

For additional information on MultiPlan’s current and future offerings, continue to visit the services section of the MultiPlan website at www.multiplan.com.

About MultiPlan

MultiPlan is committed to helping healthcare payors manage the cost of care, improve their competitiveness and inspire positive change. Leveraging sophisticated technology, data analytics and a team rich with industry experience, MultiPlan interprets clients’ needs and customizes innovative solutions that combine its payment and revenue integrity, network-based and analytics-based services. MultiPlan is a trusted partner to over 700 healthcare payors in the commercial health, government and property and casualty markets. For more information, visit www.multiplan.com.

Pamela Walker

Senior Director, Marketing & Communication

MultiPlan

[email protected]

781-895-3118

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Software Insurance Networks General Health Health Data Management Professional Services Technology

MEDIA:

Logo
Logo
Posted on

Mid Penn Bank Promotes Dickinson to Chief Retail Officer

MILLERSBURG, Pa., Aug. 24, 2021 (GLOBE NEWSWIRE) — Mid Penn Bank (Bank), a wholly-owned subsidiary of Mid Penn Bancorp, Inc. (NASDAQ: MPB), is proud to announce that Executive Vice President, Joan Dickinson, has been promoted to Chief Retail Officer of the Bank.

In her new role as Chief Retail Officer, Dickinson will continue to report to Scott Micklewright, Chief Revenue Officer, and will lead all retail activities across the Mid Penn Bank and Scottdale Bank and Trust (a division of Mid Penn Bank) footprint. She is responsible for the 36 branch banking offices and the Bank’s commercial cash management programs throughout the franchise.

Dickinson, who most recently served as Chief of Staff, has been with Mid Penn Bank since 2013 focusing primarily on developing the retail strategy, commercial lending, and relationship expansion initiatives. As Regional President, she built and led the Lancaster region team and was an integral part of establishing and growing the Bank’s presence in that market.

“Joan has been a key part of our Retail Banking activities for years, and with more than three decades of business development and relationship building success, is the perfect choice for the newly created Chief Retail Officer position,” said Mid Penn Bank President and CEO Rory G. Ritrievi. “Her deep understanding of the industry, along with her insights into customer preference will prove invaluable as we continue to enhance and streamline our retail delivery channels.”

Dickinson holds a Master of Business Administration from Lehigh University and a Bachelor of Arts in accounting from Moravian University. She has more than 30 years of financial services experience.

About Mid Penn Bank.

Mid Penn Bancorp Inc. (NASDAQ: MPB), headquartered in Millersburg, Pennsylvania, has been serving the community since 1868. Mid Penn has 36 retail locations in the state of Pennsylvania and total assets of more than $3 billion. Its footprint includes Berks, Bucks, Chester, Cumberland, Dauphin, Fayette, Lancaster, Luzerne, Montgomery, Northumberland, Schuylkill and Westmoreland counties. The bank offers a comprehensive portfolio of products and services to meet the banking needs of the communities it serves. To learn more about Mid Penn Bank, visit www.midpennbank.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2e507317-8547-4625-a613-a392b960d15c



Contact:
Matt Miller
[email protected] 
484-527-4025

Posted on

Photo Release — Huntington Ingalls Industries Names Brooke Hart As Executive Vice President, Communications

NEWPORT NEWS, Va., Aug. 24, 2021 (GLOBE NEWSWIRE) — Huntington Ingalls Industries (NYSE: HII) announced today that Brooke Hart has been named executive vice president, communications. Hart will succeed Jerri Dickseski, who will retire on Sept. 1 after nearly 31 years of service.

Hart will be located in HII’s Washington, D.C. office and will report to Mike Petters, HII’s president and CEO, effective Sept. 27.

“Jerri has been a member of my executive team for 17 years, and I’ve relied upon her communications acumen and sound counsel,” Petters said. “The breadth and depth of her communication expertise, coupled with her endless energy and drive, have been instrumental in building HII from its foundation. I thank her for passionately telling the stories of our employees and the hard work they perform every day to support a greater good and our nation’s security. I wish her the very best as she begins this new chapter.”

Hart will be responsible for the company’s communications strategy and execution, encompassing all external communications, media relations, advertising, executive communications, enterprise employee communications, crisis communications, corporate special events, web and social media, and branding/corporate image.

“Brooke has an extensive background in communications,” Petters said. “As a veteran TV journalist and executive communicator, Brooke brings a solid understanding of the importance of executing communications tools for developing a narrative for a company and being responsive to all of our stakeholders. I have full confidence in her abilities, and I look forward to her joining my team to help position HII for continued success.”

A photo accompanying this release is available at: https://newsroom.huntingtoningalls.com/file/brooke-hart.

Hart comes to HII from the Sierra Nevada Corporation, a privately held aerospace and defense company, where she was the vice president, communications and brand. Prior to joining Sierra Nevada in 2015, she was a partner and vice president for the Crystal Tech Fund/Disruption Corporation, and a senior officer at the Pew Charitable Trusts. Earlier in her career, Hart worked as a journalist for NPR and NBC News. She holds a bachelor’s degree in humanities from Stanford University, and a master’s degree in liberal studies from Georgetown University.

Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division provides mission-critical national security solutions to government and commercial customers worldwide. Headquartered in Newport News, Virginia, HII employs about 44,000 people operating both domestically and internationally. For more information, visit:

Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures and strategic acquisitions; adverse economic conditions in the United States and globally; health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.

Contact:

Beci Brenton
[email protected]
(202) 264-7143



Posted on

ACV Sponsors 2021 National Independent Dealers Association Convention And Expo

The leading digital automotive marketplace for dealers offers exclusive giveaways for first-time buyers and is presenting sponsor of the conference’s keynote speaker and NFL football legend Michael Irvin

PR Newswire

SAN ANTONIO, Aug. 24, 2021 /PRNewswire/ — ACV (Nasdaq: ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial partners, is pleased to join the National Independent Auto Dealers Association for the 2021 Convention and Expo in San Antonio, TX as a presenting sponsor of the keynote speech and host to various workshops and panels.

ACV’s flagship product offering ACV Auctions will proudly participate in the 2021 NIADA Convention and Expo as the presenting sponsor of the keynote speech by Dallas Cowboys football legend Michael Irvin on August 25 at 4:15 – 5:15 p.m. CT in the Stars at Night Ballroom at the Henry B. Gonzalez Convention Center. The three-time Superbowl winner will then join the ACV Auctions team at Booth #601 for photo opportunities with attendees from 5:30 – 6:30 p.m. CT immediately following his speech.

ACV Auctions is thrilled to offer first-time buyers an exciting package of credits and giveaways. Attendees simply head to the ACV Auctions booth in order to scan a QR Code to sign-up (or visit acvauctions.com/niada-21) and then new registrants will receive $350 in buying credits*! New customers will also receive a $200 Amazon gift card after first purchase.

Attendees can also catch the ACV Auctions team weighing in on the used car industry at various workshops and panels throughout the convention and expo:


Tuesday, August 24:


11:15 a.m. – 12:00 p.m. –
Advances in Certification: New Enhancements to NIADA’s CPO Program (Panel), with VP of Business Development Randy Barone and other industry experts


Wednesday, August 25:


10 – 10:45 a.m. –
How To Source the Right Cars, Right Now, Right from your Phone or Computer, hosted by Doug Hadden, VP of Field Initiatives, in Room 302


2:15 – 3:00 p.m.
– Auto Auction State of the Industry (Panel), with ACV Chief Sales Officer, Mike Waterman and other industry experts

For more information or to schedule a demo, visit acvauctions.com.

*Disclaimer: Valid for new customers only. Must register via QR code or at acvauctions.com/niada-21. Must take demo by September 30, 2021. $350 Credit will be applied to your ACV Auctions account after demo and expire 14 days from activation. Credits will be automatically applied to next purchase.


About ACV

ACV provides a vibrant digital marketplace for wholesale vehicle transactions and data services that offers transparent and accurate vehicle information to customers. On a mission to build and enable the most trusted and efficient digital marketplaces for buying and selling used vehicles, ACV’s platform leverages data insights and technology to power its digital marketplace and data services, enabling dealers and commercial partners to buy, sell and value vehicles with confidence and efficiency. ACV’s network of brands includes ACV Auctions, ACV Transportation and ACV Capital within its Marketplace Products as well as True360, ACV Data Services and MAX Digital.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/acv-sponsors-2021-national-independent-dealers-association-convention-and-expo-301361985.html

SOURCE ACV

Posted on

TriNet Wins Multiple Gold Stevie Awards for its ‘People Matter’ Marketing Campaign and TriNet PeopleForce Annual Conference

Annual International Business Awards recognizes TriNet with five International Stevies for its work celebrating and supporting small and medium-size businesses as they bounce back from the COVID-19 Pandemic

PR Newswire

DUBLIN, Calif., Aug. 24, 2021 /PRNewswire/ — TriNet, a leading provider of comprehensive human resources for small and medium-size businesses (SMBs), today announced the company has won multiple Gold, one Silver and one Bronze Stevie® Award in the 18th Annual International Business Awards. TriNet was among more than 3,800 nominations—a record number—from organizations of all sizes and in virtually every industry.

TriNet PeopleForce 2020 received three Stevie awards. The inaugural conference, focused on business resiliency, transformation, agility and innovation for SMBs, won two Gold awards and one Bronze award. Additionally, TriNet’s People Matter: Humanity marketing campaign—which celebrates the hard-working and diverse employees of its 18,000* SMB customers—received both a Gold and a Silver award. The full list of Stevie® Awards TriNet received includes:

  • Marketing Campaign of the Year – Corporate Reputation/Professional Services
    • Gold Stevie® Award for TriNet—People Matter: Humanity
  • Conferences & Meetings – Conference
    • Gold Stevie® Award for TriNet PeopleForce 2020
  • Corporate & Community – B2B Event
    • Gold Stevie® Award for TriNet PeopleForce 2020
  • Brand Experience of the Year – Business-to-Business
    • Silver Stevie® Award for TriNet—People Matter: Humanity
  • Corporate & Community – Customer Engagement Event
    • Bronze Stevie® Award for TriNet PeopleForce 2020

“Now, more than ever, it is important to both support and celebrate the small and medium-size businesses that are the backbone of our nation’s economy and ground zero for innovation and invention,” said Michael Mendenhall, TriNet Senior Vice President, Chief Marketing Officer and Chief Communications Officer. “During the pandemic, these businesses pivoted their operations, pushed through one challenge after another, and made many sacrifices to succeed through the trials of the last year and-a-half. TriNet PeopleForce and our Humanity campaign were created in response to the evolving needs of these critical businesses we serve, and we look forward to continuing our work in championing SMBs to persist and succeed, no matter what challenges lie ahead.”

The award-winning TriNet PeopleForce conference is a three-day virtual event that debuted during the height of the COVID-19 pandemic and covered an array of crucial and timely topics impacting SMBs, including diversity, equity and inclusion, workplace culture, and the future of work. Headlined by a conversation with former U.S. President George W. Bush and his daughter, New York Times bestselling author and co-host of “Today with Hoda & Jenna,” Jenna Hager Bush, the roster was comprised of prominent business leaders, public servants, educators, authors, influencers and health industry experts.

TriNet PeopleForce 2021 takes place September 13-16, both virtually and in-person from New York City. The 2nd annual award-winning conference will bring together a roster of high-profile leaders to help SMBs reimagine, rebuild and move forward as they come out of the COVID-19 pandemic. Those interested in registering for the virtual conference can do so here.  

TriNet’s Humanity campaign is the latest chapter in its People Matter campaign that highlights the human side of HR while adopting a light, humorous tone. Through its TV spots, the Humanity campaign tells the story of the benefits of being a TriNet customer through a relatable cast of office characters who are just trying to do their jobs. The nation-wide, omni-channel Humanity campaign also featured out-of-home ads in New York City, the San Francisco Bay Area and Los Angeles, in addition to television commercials and radio spots across the country, and a major digital push that includes website, digital ads and social media.

“What we’ve seen in this year’s IBA nominations is that organizations around the world, in every sector, have continued to innovate and succeed, despite the setbacks, obstacles and tragedies of the ongoing COVID-19 pandemic,” said Stevie Awards President Maggie Gallagher. “All of this year’s Stevie Award winners are to be applauded for their persistence and their resilience. We look forward to celebrating their achievements with them during our virtual awards ceremony.”

Details about The International Business Awards and the list of 2021 International Stevie winners are available at https://stevieawards.com/iba/2021-stevie-award-winners.    

*As of 12/31/2020

About TriNet
TriNet (NYSE: TNET) provides small and medium size businesses (SMBs) with full-service HR solutions tailored by industry. To free SMBs from HR complexities, TriNet offers access to human capital expertise, benefits, risk mitigation and compliance, payroll and real-time technology. From Main Street to Wall Street, TriNet empowers SMBs to focus on what matters most—growing their business. TriNet, incredible starts here. For more information, visit TriNet.com or follow us on Twitter.

About the Stevie Awards
Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, and the Stevie Awards for Sales & Customer Service. The Stevies also produce the annual Women|Future Conference. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.


Investors:    


Media:

Alex Bauer      

Renee Brotherton

TriNet         

TriNet


[email protected]   


[email protected]

(510) 875-7201   

(408) 646-5103

TriNet and the TriNet logo are registered trademarks of TriNet. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/trinet-wins-multiple-gold-stevie-awards-for-its-people-matter-marketing-campaign-and-trinet-peopleforce-annual-conference-301361931.html

SOURCE TriNet Group, Inc.

Posted on

Expedia Releases Top 12 Dog-Friendly Hotels Around the World

With Perks for Pups and Their Humans Ahead of International Dog Day on August 26

PR Newswire

SEATTLE, Aug. 24, 2021 /PRNewswire/ — What better way to celebrate International Dog Day on August 26 than by planning a trip specially designed for you and your pooch? Expedia® dug through traveler reviews to identify the most paw-pular hotels around the world with the best array of dog-friendly amenities. And since these are all VIP Access properties, a collection of hotels that consistently receive Expedia’s highest guest reviews and meet stringent standards of quality, Expedia Rewards members get extra perks during their stays, too.

Below are the 12 hotels that are sure to earn a stamp of approval from travelers and their furry friends.

Hotel Normandie
Los Angeles, CA

As a pet friendly hotel, Hotel Normandie knows the importance of keeping your canine content. Rest assured; at Hotel Normandie, they provide a multitude of amenities for your dog to enjoy. Guests can contact the property to request a pet friendly room, and they will accommodate accordingly. People Perk: Hotel Normandie offers a $20 food and beverage credit for guests.

Edgewater hotel – a Noble House Hotel
Seattle, WA

The Edgewater invites four-legged friends to enjoy the ultimate in hosPETality at Seattle’s premier over-water hotel, as part of the Rock the Dog program. There is a one-time fee of $100 per stay, maximum two pets per room. Rock the Dog Program Includes: pet bed for use each night during stay, pet water and food bowl for use during stay, special treats upon check-in. People Perk: The Edgewater Hotel offers guests a $25 Food and Beverage credit upon arrival.

The Standard High Line
New York, NY (Manhattan)
Good news if you are traveling to New York, The Standard High Line New York is pet friendly! One pet of any size is welcome for no additional fee. Both dogs and cats are permitted, and well-behaved pets may be left in the room unattended. Additionally, the hotel provides complimentary use of food and water bowls and pet bedding. People Perk: Guest will receive a complimentary 20% off Food and Beverage credit.

Whitehall Hotel
Chicago, IL

The Whitehall Hotel is Chicago’s most distinctive, pet-friendly hotel in the Magnificent Mile welcoming up to two four-legged companions of 30 lbs. or less per room for a small daily fee. People Perk: Guests will receive a $12 parking credit.

Hotel Nikko San Francisco San Francisco, CA
One of the most welcoming dog-friendly hotels in San Francisco, Hotel Nikko is a haven for travelers and their canine companions. Located in the heart of downtown San Francisco, this pet friendly hotel is only steps away from Union Square, Chinatown, and the city’s dog parks, paths and restaurant patios. People Perk: Guest will get a waived resort fee when staying at Hotel Nikko.

Hotel Preston
Nashville, TN

The Hotel Preston is a luxurious boutique that welcomes dogs with a fee of $25 per day upon checking in at the front desk. The hotel offers a doggy bag upon arrival featuring a water bowl, a toy and treats. Both dogs and cats are permitted, but pets may not be left unattended in rooms. There is also a designated pet relief area on the property. People Perk: guests will receive a $11 beverage credit per stay.

Live Aqua San Miguel de Allende Urban Resorts
San Miguel de Allende, Guanajuato, MX
With Live Aqua’s Dog Friendly Hotels & Resorts program, furry friends can be part of a wonderful vacation. Guests will be gifted a special welcome kit that includes food and water bowls, water bottles and a pet bed. People Perk: Live Aqua offers free valet parking and 20% off a spa service.

Montage Los Cabos
Los Cabos, Baja California Sur, MX
Montage Los Cabos accommodates guests with pets and provides the best possible care by offering an array of amenities and services that include a pet menu, doggy treats, dog-sitting services and more. People Perk: Montage Los Cabos offers guests a 20% off a spa service.

Secrets Playa Mujeres Golf & Spa Resort – Adults Only Playa Mujeres, Quintana Roo, MX 
Set within the beautiful and private gated community of Playa Mujeres, this award winning, adults-only, all-inclusive resort is a perfect beachside getaway for travelers with furry companions. People Perk: Secrets Playa Mujeres offers guests 20% off a spa service.

Ovolo South Yarra
Melbourne, VIC, Australia
With Ovolo’s V.I.Pooch accommodation, guests can enjoy a hassle-free and stress-free vacation, both for themselves and their dogs. Obolo’s V.I.Pooch accommodation package provides guests with: a doggy bed, an eating and drinking mat and food bow, a doggy bag with specially designed toys and treats, as well as dog-friendly staff on hand to provide assistance when needed. People Perk: guests can enjoy a complimentary bottle of wine when staying at the Ovolo.

Hotel Chinzanso
Tokyo, Japan

Guests can enjoy staying in Tokyo with their furry family members. Hotel Chinzanso Tokyo offers guest rooms equipped with amenities for pets, as well as a private dog park in Serenity Garden. Amenities including pet enclosures or cat houses, food bowls, excrement containers, adhesive rollers, wet tissues and more are available upon request. People Perk: Hotel Chinzanso offers free self-parking.

The Gyle
London, England

The Gyle is a fabulous, pet friendly Victorian residence located in the colorful borough of Camden. Dogs can expect lots of attention with complimentary food, beds, bowls and walking maps. Plus, additional pet services like a dog walker are available if needed. People Perk: The Gyle offers a complimentary continental breakfast for guests.

Hotel images can be found HERE.

Remember to book on the award-winning Expedia mobile app to earn double the Rewards points; plus, right now all eligible app bookings help boost UNICEF’s global COVID-19 response – find out more about how to give the world a shot here.

Notes to Editors:
Traveler wellbeing is our priority. Expedia understands how the global impact of the coronavirus pandemic continues to affect travelers everywhere, as well as the importance of abiding by government restrictions and practicing social distancing. Travelers can visit the Expedia COVID-19 travel resource page for information to make informed travel decisions.

About Expedia.com
Expedia.com® is one of the world’s largest full-service travel sites, helping millions of travelers per month easily plan and book travel. Expedia.com (https://www.expedia.com/, 1-800-EXPEDIA) aims to provide the latest technology and the widest selection of top vacation destinations, affordable airfare, hotel deals, car rentals, destination weddings, cruise deals and in-destination activities, attractions, services and travel apps.

© 2021 Expedia, Inc., an Expedia Group company. All rights reserved. Expedia and the Airplane logo are trademarks of Expedia, Inc. in the U.S. and/or other countries. All other trademarks are the property of their respective owners. CST# 2029030-50.

Use our mobile app or visit https://www.expedia.com/ to book flights and hotels.

*Traveler reviews and member satisfaction from June to August 2021 earned these properties the highest mentions of pet-friendly and other word associations and related linguistic connections. Member satisfaction scores are calculated from real-time feedback surveys from customers after staying at VIP Access properties.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/expedia-releases-top-12-dog-friendly-hotels-around-the-world-301361972.html

SOURCE Expedia.com